Bitcoin price prediction failure to review $ 48,500 would result in less than $ 46,000 in play

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After a mixed week for the majors in the week ending August 29, the morning was bearish for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was down 2.25% to $ 47,702.0.

A mixed morning saw Bitcoin hit an early morning high of $ 48,924.7 before reversing.

Below the first major resistance level at $ 49,713, Bitcoin slipped to a low of $ 47,644.0 by mid-morning.

Bitcoin broke through the first major support level at $ 47,823 before briefly revisiting the $ 48,200 levels.

A late morning pullback, however, saw Bitcoin fall back to the first major support level.

The rest of the pack

It has been a bearish morning for the broader crypto market.

At the time of writing, Chainlink was down 3.77% to lead the way.

Binance Coin (-1.46%), Bitcoin Cash SV (-0.19%), Cardanos ADA (-2.01%), Crypto.com Coin (-1.72%), Ethereum (-1.71% ), Litecoin (-1.60%), Polkadot (-1.46%) and Ripples XRP (-1.43%) also joined Bitcoin in the red.

In the early hours of the morning, the total crypto market peaked at $ 2,087 billion early in the morning before falling to $ 2,030 billion. At the time of this writing, the total market cap was $ 2,033 billion.

Bitcoin dominance fell to a low of 43.82% late in the morning before hitting a high of 44.15%. At the time of writing this article, Bitcoin dominance stands at 44.13%.

For the afternoon to come

Bitcoin is expected to return to the first major support level at $ 47,823 and the pivot at $ 48,737 to bring into play the first major resistance level at $ 49,713.

However, broad market support would be needed for Bitcoin to return to levels of $ 49,000.

Barring a prolonged crypto rally throughout the afternoon, the first major resistance level and resistance at $ 50,000 would likely cap any upside potential.

In the event of a prolonged rally, however, Bitcoin could target the 23.6% FIB of $ 50,473 before any pullbacks. The second major resistance level is located at $ 50,627.

Failure to return to the first major support level would result in the second major support level at $ 46,847.

The story continues

Unless there is an extended sell-off on that day, Bitcoin is expected to avoid levels below $ 46,000. The third major support level is at $ 44,957.

Beyond the support and resistance levels, we have seen the 50 EMA move closer to the 100 EMA and shrink to the 200 EMA.

We have also seen the 100 EMA tighten over the 200, bearish signals for Bitcoin and the broader market.

A bearish cross of the 50 EMA to the 100 and further narrowing of the 200 EMA would bring into play levels below $ 47,000.

The bulls will look for a return to the $ 48,500 levels in the second half of the day.

A return to less than $ 47,500, however, would give the bears the upper hand once again.

This article originally appeared on FX Empire

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